My credit journal

My credit journal

Sorry for any spelling or grammar errors in advance! Also I love parenthesis.

It took me forever to sort through all of the info so here goes:

Started out with a credit score of around 720 in 2008...

All payments were made on time until June 2012 where I incurred most of the 30 days late payments.

I had two collections item in 2012 $700.00 Medical Bill from 2007 and $41.00 owed to my local library, which is being reported by unique.

I was able to get things back on track until around November 2012 and that's where I really started to fall behind. Things got out of control and

I didn't start to address the issues soon enough. This is where some of the more serious pangs to my credit come into place. I'm not in a position where I can

pay off my debt so I want to clean up as much negative info as I can while I'm slow walking the debt down.

Building my credit has always been of great interest to me, but recently I was going through a rough time and I did not make it a priority (I'm kicking myself for it now)

therefore my situations is no as follows:

FICO:

Starting Score

4/22/13 FICO EQ: 488 (no excuse)

*update*

5/10/13 FICO EQ: 497 (I'm just glad its not getting any lower)

6/8/13 FICO EQ: 501 Slow but happy to see some progress. I gotta start somewhere.

08/21/13 FICO EQ 524- Could be higher but I had a late payment last month. Which is very bad considering it is on an account I have sucessfull gw. I hope they

give me a second chance.

FAKO (Credit Check Total) I really like credit check total, because I can pull the report as many times as I want fee to feed my addiction for the one monthly membership fee:

Starting Score

5/8/13 EQ:521 6/8/13 EQ:527

5/8/13 EX:521 6/8/13 EX:527

5/8/13 TU:527 6/8/13 TU:547

Wal-Mart TU08

05/18/13 TU08: 554

Accounts with CL, Balances, and Negative information:

Account

CL

Balance

Negative Info

JC Penny

Opened May 2009

- Closed by grantor

$ 2,536.90

(2) 30 days late

(1) 60 days late

(1) 90 days late

High Balance

Nordstrom

Opened May 2009

$ 1,000.00

$ 903.30

No Late Payment

High Balance

American Signature

Opened April 2009

- program closed

$ 1,463.90

(2) 30 day late

High Balance

Capital One May 2007

$ 500.00

$ 430.14

No Late Payment

High Balance

Capital One March 2006

$ 750.00

$ 332.40

(4) 30 days late

Macy's April 2006

$ 200.00

$ 102.02

No Late Payment

Low CL

HSN December 2010

$ 500.00

$ -

(1) 30 days late

Zero Balance

NFCU Loan August 2010

$ 5,000.00

$ 2,000.00

No late payment

Want to pay off early payments are $130/month and I am one payment ahead of my due date

NFCU Credit Card April 2009

Closed by grantor

$ 4,968.75

(4) 30 days late

(1) 60 days late

High Balance

IKEA June 2009

program closed

$ 225.86

(2) 30 days late (1) 30 days late.

Wal-Mart July 2009

closed by grantor

$ 1,007.00

(3) 30 days late

(1) 60 days late

(3) 90 days late

account in very bad standing but trying to avoid CO

Chase October 2008

$ 500.00

$ 275.78

(1) 30 days late

Target June 2009

$ 1,000.00

$ 944.62

(2) 30 days late

Best Buy

Opened March 2008

- CO

$ 3,423.42

(1) 30 days late

(1) 60 days late

(1) 90 days late

(6) 120 days late

Charged off

Old Navy September 2008

- closed by grantor

$ 1,355.34

(1) 30 days late

(3) 60 days late

(1) 90 days late

(3) 120 days late

account in very bad standing trying to avoid charge off

Lane Bryant April 2006

$1130.00

$ -

(1) 30 days late

Zero Balance

Victoria's Secret March 2006

$ 1670.00

$ -

(3) 30 days late

Zero Balance

Express March 2006

TBD

$ -

(5) 30 days

(1) 90 days

Zero Balance

West Elm June 2009

$620.00

$ 596.68

(1) 30 days

Ann Taylor

TBD

$ -

(2) 30 days

Zero Balance

Student Loan

Original Amount $2600.00

$ 900.00

No late payments

paid at 50/month

Want to pay off early

I will update the TBD (HSN, Lane Bryant, Express, Victoria's Secret, West Elm, and Ann Taylorwhich are all commenity accounts) CL info at the end of the month. They were on a hardship program that expires at the end of the month because my accounts were pif.Also I made some late payment (before the hardship program) and they reduced my cl as result. All of the accounts have been made current again. So they will update around the 26th of May. At that time they will reinstate my original CL. I shouldn't have to go through any type of credit review or application process because the accounts are still open and active. Also I am going to make another post about my experience with account assure(credit card insurance for commenity bank) and I will post the link here.

The Best Buy Charge Off is being handled by NCO, but I don't see where NCO has reported yet.

Inquiries:

I will post later.

Whew! Are you tired yet?

Okay here are my goals:

Goals for May 2013: Have all payments reported current. Resolve collection items that have not been reported to CRA(not listed). Pay off one credit card (Macys). Send out 1st round of GW Letters EX, VS, LB, HSN, AT and raise score to 500.

And now for the plan of action! Wish me luck and send me advice if you think I'm on the wrong track!

Old Navy-5/15 call to keep from CO 5/15 and begin to reestablish payment history

Wal-Mart-5/15 call to keep from CO 5/15 and begin to reestablish payment history. 5/15 This account will be transferred back from a third party collection to GE Capital and report as 60 past due instead of 120 past due. I want to try to get into the hardship program and bring the account back current.

Navy Federal Credit Union- I have been sending in payments on time so I I am going try to reopen this account and because it's current. 05/17/13 Sent email to try to reopen account waiting for response Send GW via snail mail

RCVL PER MNG- Waiting for DV prepare response

Unique- Pay OC and wait for collection to fall off (I have had this before and it fell off in a few weeks.)

Chase-GW via snail mail April 2013

No plan for Best Buy, medical bill yet.

So that's it for right now. I am going to try to have all of the GW letters out tomorrow as well as any phone calls for payment arrangements. I think I might make some calls to get refunds for any late fees too. Every little bit helps.

Re: My credit journal

Lots of information there.

I am just going to address one thing that I observed.

You state that both of your loans the NFCU and student loan are both paid ahead and you want to pay them off early. I say make the normal payment on these loans and take the "extra" money you are sending to these to pay it early and apply it to the CC's.

I am going to let others give you ideas on the best way to tackle all the other issues.

Re: My credit journal

Wow - that is a lot of info! You've got your work cut out for you in GWs and outstanding balances, but it's not out of the question. My first thought is to GW all of the accounts that are still open/current with zero balances to remove the 30 day lates. Those are going to be a huge chunk of your score since they are so recent.

I agree with the poster that mentioned making regular payments on your NFCU and student loans and not trying to pay them off early. You won't see any boost in score by paying off early and it can drag out the possibility of collections with some of the others.

I would also suggest PFDs for the debts you know are yours and that you can pay - start with the smaller ones for now just to get them off your reports. Then look at the larger amounts and prioritize based on the potential legal action that may occur since they are all fairly recent.

With the Comenity cards, will the hardship program remove your lates once the accounts are current?

Re: My credit journal

txmomma26 wrote:

Wow - that is a lot of info! You've got your work cut out for you in GWs and outstanding balances, but it's not out of the question. My first thought is to GW all of the accounts that are still open/current with zero balances to remove the 30 day lates. Those are going to be a huge chunk of your score since they are so recent.

I think this is a good place to start.

I agree with the poster that mentioned making regular payments on your NFCU and student loans and not trying to pay them off early. You won't see any boost in score by paying off early and it can drag out the possibility of collections with some of the others.

It wasnt so much that I was looking to increase my score by paying the loans early, the one NFCU is the bulk of my monthly payments and I didnt want to pay such a highpayment for a long time. But it doesn't make since to send in extra money when I need to find as much cash as I can to pay the debts that are reporting negative info.

I would also suggest PFDs for the debts you know are yours and that you can pay - start with the smaller ones for now just to get them off your reports. Then look at the larger amounts and prioritize based on the potential legal action that may occur since they are all fairly recent.

I agree. When you send in pfd are they for the full amounts or do you make an offer? Also will this effect any of SOL or Aging dates of the bad debts?

With the Comenity cards, will the hardship program remove your lates once the accounts are current?

Im not sure. I know that they will remove late fees and reset your minimum payment even if you are not caught up. For example if you had regular payment of 100 per month by you have fallen behind the months you are past due in the amount of 300.00, they would allow you to restablish payment history usally for three months at your regualr payment without any extra to cover your past due bill and at that time the will review the account and set your payment back to 100.00 even though you have not paid enough to cover the late portion.

I finished the program early for VS, Lane Bryant, Express, HSN and Ann Taylor because I purchased the insurance from accout assure. I have paid around 700.00 total over the last 6 months for the insurance. They paid out 5500.00 for the 5 accounts so I think it was worth it.

Re: My credit journal

Lexixc wrote:

I would also suggest PFDs for the debts you know are yours and that you can pay - start with the smaller ones for now just to get them off your reports. Then look at the larger amounts and prioritize based on the potential legal action that may occur since they are all fairly recent.

I agree. When you send in pfd are they for the full amounts or do you make an offer? Also will this effect any of SOL or Aging dates of the bad debts?

I think that the PFD should be for the full amount on debts within the SOL, unless you can work out something on a much older debt where you settle the account. The SOL can't be reset since there won't be a debt owed anymore, once the PFD is completed. The action of sending out a PFD doesn't reset any clocks either. It's illegal to reage a debt when it's been paid off.

With the Comenity cards, will the hardship program remove your lates once the accounts are current?

Im not sure. I know that they will remove late fees and reset your minimum payment even if you are not caught up. For example if you had regular payment of 100 per month by you have fallen behind the months you are past due in the amount of 300.00, they would allow you to restablish payment history usally for three months at your regualr payment without any extra to cover your past due bill and at that time the will review the account and set your payment back to 100.00 even though you have not paid enough to cover the late portion.

I finished the program early for VS, Lane Bryant, Express, HSN and Ann Taylor because I purchased the insurance from accout assure. I have paid around 700.00 total over the last 6 months for the insurance. They paid out 5500.00 for the 5 accounts so I think it was worth it.

I would call and inquire about the removal of lates and possibly start sending out GW letters there also.

Re: My credit journal

I plan to pay to off my Macys Card which has a balance of $102.02 Although I might pay the min. due which is about $25.00 and use the other $75.00 to pay against some of the past due accounts.

Call and make arrangments any other debt owed to make sure they do not turn into collection items.

As fas as I can tell all accounts will remain in good standing.

Have all accounts reported current. I am catching up on most of the accounts. Here what will still be reported late in May.

JC Penny- Still making payments from previous payment arrangement.

American Signature Furniture- will report current for June

Wal-Mart- payment arrangement made

Old Navy-payment arragnement made

Raise score to 500

Maybe it can happen. I will have $5500.00 of payments that will be reflected in reporting for May so there could be an increase. At the same time I have the four accounts above that will continue to report negative so we will keep our fingers crossed since it's only a few point to 500.

Re: My credit journal

Okay here's how we made out in May!

Pay off one credit card

I plan to pay to off my Macys Card which has a balance of $102.02 Although I might pay the min. due which is about $25.00 and use the other $75.00 to pay against some of the past due accounts. I did not pay off the credit card. I used the money to pay other past due accounts.

Call and make arrangments any other debt owed to make sure they do not turn into collection items.

As fas as I can tell all accounts will remain in good standing.

- Completed. I need to follow up with a few.

Have all accounts reported current. I am catching up on most of the accounts. Here what will still be reported late in May.

JC Penny- Still making payments from previous payment arrangement.-Will report current for June or July (not sure but account is current again)

American Signature Furniture- Will report current for August after payment plan is completed

Wal-Mart- payment arrangement made- Will report current in June or July (not sure but account is current again)

Old Navy-payment arragnement made-Need to make payment arrangement

Raise score to 500 Completed!! Score came in a 501 on the first of June!

Maybe it can happen. I will have $5500.00 of payments that will be reflected in reporting for May so there could be an increase. At the same time I have the four accounts above that will continue to report negative so we will keep our fingers crossed since it's only a few point to 500.

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FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.